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73495160v3 <br /> <br /> <br /> <br />Completion Date: [____ 1, 20__] <br />Outside Stabilization Date: [____ 1, 20__] <br />Underwritten Expenses: [$________] per annum (increased on an annual basis <br />commencing January 1, 20__ by 3%) adjusted to reflect <br />actual cost of utilities, insurance and Impositions <br />(provided that for Impositions constituting real <br />property taxes, if any, the cost shall be based on the full <br />assessed value of the Project after taking into account <br />completion of [construction/rehabilitation]), plus all <br />required deposits into the Replacement Reserve <br />Account. <br />Underwritten Economic Vacancy 5.0% <br />Underwritten Management Fee 5.0% <br />Retainage [___%] <br />Guarantor(s): Reuter Walton Development, LLC <br />and Nick Walton, collectively <br />Guarantor Financial Covenants: Minimum Liquidity: [$________] <br />Minimum Net Worth: [$________] <br />Subordinate Loan: [$1,500,000] <br />[$1,000,000] <br />Subordinate Lender: [Ramsey County, Minnesota] <br />[City of Little Canada, Minnesota] <br />Origination Fee: [___________] <br />Construction Monitoring Fee: [___________] <br />Tax Abatement/Exemption: None <br />